Kazakhstan Currency Reserves Rise Most in Three Months on Oil

May 5. Bloomberg

By Nariman Gizitdinov

Kazakhstan’s international currency and gold reserves rose the most in three months in April as the biggest energy producer in central Asia benefitted from higher oil prices, the central bank said.

The stockpile grew to $28.8 billion from $27.14 billion the previous month, the bank said in a statement distributed before Chairman Grigori Marchenko addressed reporters in Almaty today. The National Oil Fund increased to $25.8 billion in the period from $25.36 billion in March.

Economic growth in Kazakhstan, which holds 3.2 percent of the world’s oil reserves according to BP Plc, slowed to 1.2 percent last year from 3.2 percent in 2008. The economy grew 10 percent on average each year between 2000 and 2007 as energy and commodity prices rose.